Corsa Coal narrows FY16 loss, expects to raise coal output in 2017
JOHANNESBURG (miningweekly.com) – TSX-V-listed metallurgical, thermal and industrial coal producer Corsa Coal has narrowed its net loss for 2016 to $34.14-million, compared with the loss of $152.99-million in 2015.
Adjusted earnings before interest, taxes, depreciation and amortisation improved to $6.63-million, compared with $5.36-million the year before.
The company sold 669 000 t of metallurgical coal and 235 000 t of thermal coal in 2016.
It expects to raise metallurgical coal production to between 1.33-million and 1.48-million tonnes and thermal coal output to between 625 000 t and 725 000 t this year.
Production is expected to start at Corsa’s Acosta Deep mine, in Pennsylvania, in the second quarter of this year. The mine is set to produce 400 000 t/y of metallurgical coal once fully operational.
The company is also evaluating other mines in its portfolio for additional growth opportunities.
It has also added a mining crew at its Quecreek mine, in Pennsylvania, and upgraded mining equipment at its Casselman mine, in Maryland, which should contribute to higher production levels in future.
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